Term Life Insurance Definition

Term Life Insurance is life insurance protection for a specified period of time. This coverage can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate thereafter. Term periods can be 1 year, 5, 10, 15, 20 and even 30 years.

Example: A 20 year Level Term Life Insurance policy would guarantee a level premium for 20 years based on a specified death benefit. Term life insurance is usually the least expensive form of life protection, at least initially. After the initial term period of years, which could be 5, 10, 15, 20, or 30 the policy could terminate or it can be renewed at a higher premium.

Renewable Term Life Insurance allows you to renew the policy at a higher premium (based on your then attained age).

Term life insurance provides you with the lowest rates of all types of life insurance. Whatever your reasons, term life insurance provides you with the most affordable rates and maximum amount of protection for your family's financial security. Get A FREE Quote Now